Two longtime Fertitta Entertainment Inc. executives moved 1 measurement person to becoming licensed institution directors Wednesday aft the Nevada Gaming Control Board unanimously recommended their suitability arsenic the institution pursues its acquisition of Caesars Entertainment Inc.
Steven Scheinthal and Richard Liem formed portion of Fertitta Entertainment’s three-member committee aft proprietor Tilman Fertitta stepped down arsenic president and manager pursuing his April 2025 confirmation arsenic U.S. ambassador to Italy and San Marino. The board’s 3rd director, Paige Fertitta, Tillman’s woman and institution president, received Nevada gaming support past year.
Scheinthal’s and Liem’s applications present beforehand to the Nevada Gaming Commission for last information aboriginal this month.
Houston-based Fertitta Entertainment announced successful May that it had reached a woody to acquire Caesars Entertainment for $17.6 billion, a transaction that would instrumentality the Reno-based casino relation backstage and make 1 of the nation’s largest gaming companies if approved by regulators and shareholders. Caesars operates 8 casinos connected the Las Vegas Strip, 3 successful Reno, and 2 successful some Laughlin and Stateline.
During Wednesday’s hearing, Scheinthal, Fertitta Entertainment’s enforcement vice president, wide counsel and secretary, outlined the regulatory and financing steps inactive required earlier the woody tin close, describing the transaction arsenic 1 of the largest successful the company’s history.
He told the committee that Fertitta Entertainment expects to record its Hart-Scott-Rodino antitrust notification with the national authorities connected July 13. The institution is besides seeking gaming approvals successful each jurisdiction wherever Caesars operates, a process helium estimated could instrumentality 9 to 10 months.
In addition, Caesars indispensable unafraid shareholder support aft the U.S. Securities and Exchange Commission reviews its proxy materials, and Fertitta Entertainment indispensable finalize financing for the transaction.
The institution has secured a committedness missive from a syndicate of banks but hopes to rise the indebtedness successful the nationalist markets nether much favorable conditions earlier relying connected the slope commitments.
“We person to get HSR clearance, shareholder approval, support for each the assorted gaming jurisdictions,” Scheinthal told the board. “Then we’ll beryllium successful a presumption to adjacent the transaction.”
Scheinthal said Fertitta Entertainment has already begun filing licensing applications successful respective jurisdictions and plans to implicit the remaining filings wrong the contractual deadlines.
Fertitta Entertainment entered Nevada gaming successful 2005 with its acquisition of the Golden Nugget Las Vegas and aboriginal expanded the marque done further casino acquisitions successful Nevada and different states.
Scheinthal has advised Tilman Fertitta since 1988 and joined the institution successful 1992. Liem, the company’s main fiscal officer, joined successful 1999. Both were antecedently licensed by Nevada regulators, including during Fertitta Entertainment’s 2023 acquisition of Golden Nugget Lake Tahoe.
Board Chairman Mike Dreitzer praised Scheinthal’s longstanding committedness to regulatory compliance, portion committee subordinate George Assad called some executives “eminently qualified.”
Liem besides offered a cautious appraisal of downtown Las Vegas, wherever Fertitta Entertainment owns the Golden Nugget.
“I deliberation downtown Vegas is simply a small challenged today,” Liem said, citing softer planetary question and broader economical conditions, though helium said helium remains optimistic astir the property’s semipermanent performance.
Contact David Danzis astatine ddanzis@reviewjournal.com oregon 702-383-0378. Follow @AC2Vegas_Danzis connected X.
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